S&P 500 Futures Daily Insights for Thu 5 Jan 2023
Market Profile is beginning to look more Bullish, but key data releases warrant caution
GDR Model Insights for the Current Week
GDR Model Performance (2023): -0.18%
S&P 500 Total Return (2023): +0.36%
Market Tone: Bearish (previous week: Transition)
Positioning: -50.00% Short (previous day: -50.00% Short)
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Bullish, but beware of Balance Edge, data releases
Today was technically an Inside Day, i.e. today’s range is entirely within yesterday’s range, but a more judicious look suggests Bullishness. Here’s why:
There are now almost consecutively 4 Excess Lows
Value is almost entirely higher compared to yesterday
ES strongly rejected any move below yesterday’s Settle and ended higher in a day with plenty of Backing and Filling
Despite the Bullish Market Profile, remain mindful of the potential for rejecting a break above the current Balance Zone yet again, and of the potential for volatility with the many important data releases through the end of the week.
Potential Market-Moving Events Today
08:15am - ADP Nonfarm Employment Change
08:30am - Initial Jobless Claims, Trade Balance
09:20am - FOMC Memberm Bostic Speaks
09:45am - S&P Global Composite PMI, Services PMI
01:20pm - FOMC Member Bullard Speaks